Itron falls again after upsized $700 mln convertible debt offering

Itron

24/02/2026 14:59

** Technology-driven energy and water resource management firm Itron's ITRI.O shares down 1% to $94.23 early Tues after upsized raise

    ** Liberty Lake, Washington-based co late Mon announced pricing private offering of
    $700 mln 0% convertible bonds (CBs) due 2032

    ** ITRI shares on Mon finished down >4% after co unveiled $600 mln offering to repay its 0% CBs due 2026

** Initial conversion price for 2032 CBs set at $123.77, approx 30% premium over stock's last close of $95.21

** Co also intends to use ~$100 mln of proceeds to repurchase its stock to facilitate hedging, and to use ~$81 mln to pay cost of capped call transactions

** Last week, co posted Q4 top and bottom-line beat and said adoption of its Grid Edge intelligence platform drove strong results

** Including move on Tues, ITRI shares up 1.5% YTD following ~14% decline in 2025. Stock now ~34% off its record intraday high of $142 hit in late Oct

** Avg rating of 13 analysts is "buy"; median PT $143.12, per LSEG data

(Lance Tupper is a Reuters market analyst. The views expressed are his own)

((lance.tupper@tr.com 1-646-279-6380))